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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

<div><ul><li>Following the delay of Arq’s GAC Phase 1 ramp-up, we are adjusting our estimates.</li><li>The disappointing news, which was announced on the 3Q25 results briefing, pushes our forecast production ramp back by at least six months for Phases 1 and 2.</li><li>Arq is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities. </li></ul></div>

Following the delay of Arq’s GAC Phase 1 ramp-up, we are adjusting our estimates.The disappointing news, which was announced on the 3Q25 results briefing, pushes our forecast production ramp back by at least six months for Phases 1 and 2.Arq is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities. 

ARQ: Phase 1 GAC Delay Leads to Earnings Downgrade; Long-Term Outlook Remains Intact